Social media is no longer a road less travelled by businesses. In fact, “social media advertising revenue will grow to $9.8 billion in 2016,” as projected by Link Humans. They believe being social could improve their brand exposure, increase traffic, develop loyal fans and could provide marketplace insight, according to a survey conducted by Social Media Examiner entitled ‘ 2016 Social Media Marketing Industry Report .’ Yes, social media is a goldmine for market research considering 2.3 billion are active social media users worldwide, Smart Insights estimates. Even outsourcing companies add social media and quantitative/qualitative market research services to their portfolios because they know both are the ‘greener pastures’ in the business world. Before we tackle how we can use social media for market research, let us have a clear understanding between market research and marketing research which are often used interchangeably. Are they the same in definition? Market resea...
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